BCB Resolution No. 278

BCB RESOLUTION NO. 278, OF DECEMBER 31, 2022

Regulates Law No. 14,286, of December 29, 2021, regarding foreign capital in the Country, in external credit operations and foreign direct investment, as well as the provision of information to the Central Bank of Brazil.

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on December 30 and 31, 2022, based on arts. 1, 5, items VIII and IX and § 4, 8, 9, 10, 11 and 18 of Law No. 14,286, of December 29, 2021,

RESOLVES:

CHAPTER I

GENERAL PROVISIONS

Art. 1 This Resolution regulates Law No. 14,286, of December 29, 2021, regarding the flows, stocks, and provision of information of foreign capital in the Country in operations of:

I - external credit; and

II - foreign direct investment.

Sole Paragraph. External credit and foreign direct investment operations in virtual assets must follow the provisions of this Resolution. (Included, effective 4/5/2026, by BCB Resolution No. 521, of 10/11/2025.)

Art. 2 For the purposes of this Resolution, the following are understood:

I - external credit: financial commitment, even in cases where the resources do not enter the Country, assumed by a resident who has a non-resident as creditor due to:

a) direct loan;

b) issuance of securities in the international market;

c) issuance of privately placed securities in the domestic market;

d) financing;

e) financed import of goods or services;

f) advance receipt of exports, understood as the raising of external resources in advance of future exports of goods or services that will be carried out in payment of the debt incurred; (Revised, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

g) external financial leasing, understood as the operation in which a non-resident legal owner of an asset (lessor) transmits substantially all the risks and advantages of ownership of the asset to a resident (lessee) through the payment of installments; or (Revised, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

h) issuance of sustainable securities in the international market; (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

II - external pass-through operation: contract linked to the raising of resources abroad, through which a national financial institution grants credit to a resident by transferring identical debt cost conditions (principal, interest, and ancillary charges), including applicable taxation;

III - interfinancial external pass-through operation: external pass-through operation whose debtor in the Country is another financial institution or leasing company;

IV - credit assignment: transfer of credit rights, external or internal, between resident and non-resident creditors, or between non-resident creditors; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

V - foreign direct investment: direct participation of a non-resident in the share capital of a company in the Country, or another economic right of a non-resident in the Country derived from an act or contract whenever the return of this investment depends on the results of the business; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

VI - Foreign Capital Reporting System for External Credit (SCE-Crédito): computerized system made available by the Central Bank of Brazil for the provision of information on external credit operations; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

VII - SCE-IED code: unique identifier of the recipient-non-resident investor pair generated automatically by the SCE-IED after identification of the recipient and the non-resident investor; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

VIII - SCE-Crédito code: identifier of the external credit operation generated automatically by the SCE-Crédito after information on the characterization of the operation; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

IX - recipient: any entity constituted or organized in the Country according to applicable Brazilian legislation, with or without profit-making purposes, with or without legal personality, including any corporation, company, partnership, sole proprietor, consortium, and partnership in a participation account; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

X - Cadastro Declaratório de Não Residente (CDNR): system made available by the Central Bank of Brazil in which the registration information of the non-resident is declared, generating a CDNR number, which is a prerequisite for providing information on external credit operations; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

XI - international share or stock swap: capitalization of a Brazilian company carried out by a non-resident through the donation or swap of shareholding held in a foreign company, headquartered abroad, or capitalization of a foreign company, headquartered abroad, carried out through donation or swap, by a resident, of shareholding held in a Brazilian company; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

XII - swap of shares or stocks in the Country: exchange of shareholdings in Brazilian companies, with at least one of them being a recipient of foreign direct investment, carried out between resident and non-resident investors, or between non-resident investors; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

XIII - (Revoked, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

XIV - (Revoked, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

XV - corporate reorganization: merger, incorporation, or spin-off of companies in the Country, in which at least one of them is a recipient of foreign direct investment; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

XVI - reinvestment: capitalization of profits, dividends, interest on equity, or profit reserves in the recipient in which they were produced; (Revised, effective 1/11/2023, by BCB Resolution No. 348, of 17/10/2023.)

XVII - conversion: operation by which rights and credits capable of generating financial transfers abroad, as well as assets belonging to non-residents, are converted into foreign direct investment or external credit in accordance with this Resolution; (Revised, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

XVIII - (Revoked, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

XIX - alienation to a resident: transfer of shareholding in a Brazilian company from a non-resident investor to a resident investor; (Included, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

XX - acquisition by a resident: transfer of shareholding in a Brazilian company from a resident investor to a non-resident investor; (Included, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

XXI - deactivation of the SCE-IED code: end of the link between the recipient-investor pair due to the extinction of the investment; and (Included, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

XXII - closure of recipient: liquidation, total spin-off, merger, or incorporation of the Brazilian recipient company of the investment. (Included, effective 1/10/2024, by BCB Resolution No. 410, of 11/9/2024.)

Sole Paragraph. Sustainable securities issued in the international market may be: (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

I - Green Bonds: debt securities in which the use of raised resources is restricted to financing or refinancing activities or projects that generate benefits for the environment; (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

II - Social Bonds: debt securities in which the use of raised resources is restricted to financing or refinancing activities or projects that generate social benefits; (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

III - Sustainability Bonds: debt securities in which the use of raised resources is restricted to financing or refinancing activities or projects that generate social and environmental benefits; or (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

IV - Sustainability-Linked Bonds: debt securities in which the raised resources have free destination, but the issuer commits to achieving pre-defined sustainability objectives – which improve the conditions of the environment, society, or both. (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)

CHAPTER II

FLOWS AND STOCKS OF FOREIGN CAPITAL

Section I

General Provisions

Art. 3 The flows and stocks of foreign capital must follow the form and conditions established in this Chapter in addition to the provisions of the foreign exchange market regulation.

§ 1 For the purposes of this Resolution, external credit operations include credit operations carried out in virtual assets referenced in fiat currency. (Included, effective 4/5/2026, by BCB Resolution No. 521, of 10/11/2025.)

§ 2 Foreign direct investment operations include capitalization in virtual assets. (Included, effective 4/5/2026, by BCB Resolution No. 521, of 10/11/2025.)

Art. 4 In external credit and foreign direct investment operations governed by this Resolution, their legality, economic fundamentation, and compatibility with conditions usually observed in international markets must be observed.

Sole Paragraph. The supporting documentation for the operations must be kept for a period of 10 (ten) years, counted from the conclusion of the operation, in the case of external credit, or from the end of the participation in the share capital of the recipient, in the case of foreign direct investment, and the Central Bank of Brazil may, during this period, request it from the debtor of the external credit operation or from the recipient, whenever it deems necessary.

Section II

External Credit Operations

Art. 5 The contracting and renegotiation of external credit operations in any currency is free.

Art. 6 The costs and other conditions of external credit operations must maintain compatibility with those usually observed in international markets and be clearly defined in the contracts of the operations.

Art. 7 Financial transfers and movements abroad resulting from external credit operations are limited to the amount necessary to settle the principal of the debt, interest, and charges.

Art. 8 Early settlement of obligations, including ancillary charges, as well as the payment of advance interest related to external credit operations, is permitted.

Art. 9 Payment by a co-obligor or third party of values due in an external credit operation must observe the legality of this prerogative.

Art. 10. The raising of resources abroad, both for free application in the domestic market and for the realization of interfinancial external pass-through operations, may be carried out by financial institutions and leasing companies, observing the relevant regulations for such entities.

Art. 11. The raising of resources abroad for the realization of external pass-through operations can only be carried out by financial institutions.

§ 1 In the external pass-through operation, the financial institution must pass on to the final borrower of the resources the effects resulting from the exchange rate variation of the debt originally contracted abroad.

§ 2 In the external pass-through operation, the charging of any burden is prohibited, except for commission for the financial intermediation service.

§ 3 The entry of resources into the Country for external pass-through operations may also occur from an account abroad specifically designated for the resource raising operation carried out with multilateral development banks and international development agencies, titled by the national financial institution.

Art. 12. The advance receipt of export operation may refer to the export of the debtor of the operation, its holding company, its subsidiaries, or a company that is controlled by its holding company.

§ 1 The advance of resources to Brazilian exporters may be effected:

I - by the importer;

II - by a non-financial legal entity abroad; or

III - by a financial institution abroad.

§ 2 The amortization of advance receipt of export operations must be effected through the shipment of goods or the provision of services, and interest may be paid through financial transfers or exports.

Art. 13. In the event that the shipment of goods or the provision of services does not occur in the situation referred to in Art. 12, the return of the resources that entered the Country in the manner of this Section to abroad is permitted, including by the guarantor of the operation, or the conversion into foreign direct investment or direct loan.

Art. 14. The external financial leasing operation must have:

I - total term limited to the useful life of the asset;

II - counterpayments compatible with the conditions practiced in the international market for the term and type of leased asset;

III - contractual installments, fixed installments, distributed over time in such a way that, at any moment during the validity of the contract, the proportion between the total value already transferred abroad and the value of the leasing is not higher than the proportion existing between the elapsed term and the total term of the operation; and

IV - contract with a purchase option clause or a clause for renewing the term of validity of the contract.

Sole Paragraph. When it concerns a financial external lease contract between a lessor-purchaser domiciled abroad and a lessee-seller domiciled in the country (sale-leaseback), the contract value must be less than 90% (ninety percent) of the cost of the asset subject to the lease, the acquisition of which must occur via cash payment.

Section III

Foreign Direct Investment Operations

Art. 15. The realization of foreign direct investment operations in the country, as well as their financial transfers and associated movements, is free, observing the provisions of specific legislation and the economic justification of the operation.

CHAPTER III

ON THE PROVISION OF INFORMATION ON FOREIGN CAPITAL

Section I

General Provisions

Art. 16. Information regarding external credit operations and foreign direct investment must be provided to the Central Bank of Brazil in accordance with this Resolution.

§ 1º In external credit operations involving virtual assets referenced in fiat currency, the value in the reference fiat currency must be reported for the purposes of information provision in SCE-Crédito. (Included, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

§ 2º In foreign direct investment operations involving virtual assets, the value in fiat currency must be reported for the purposes of information provision in SCE-IED. (Included, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

Art. 17. The responsible party for providing information is:

I - the debtor, in the case of external credit operations; or

~~II - the recipient, in the case of foreign direct investment.~~

II - the recipient, in the case of foreign direct investment operations. (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

Art. 18. The responsible party for providing information must:

I - keep available to the Central Bank of Brazil the supporting documentation of the information provided, updated and in order, until the end of the 10 (ten) year period, counted from:

a) the closure of the operation's obligations, in the case of external credit; or

b) the liquidation of the foreign direct investment of each investor in the recipient, in the case of foreign direct investment;

II - arrange for the correction of declared information that is incorrect, outdated, or incomplete;

III - arrange for the correction of information when requested by the Central Bank of Brazil.

§ 1º The responsible party for providing information is responsible for the economic justification and legality of the operation, as well as for the veracity of the declarations provided. (Transformed into § 1º, effective 1/10/2024, by Resolution BCB No. 410, of 11/9/2024.)

§ 2º The responsible party for providing information or the legal representative must register the deactivation of the SCE-IED code and the closure of the recipient in applicable situations. (Included, effective 1/10/2024, by Resolution BCB No. 410, of 11/9/2024.)

Art. 19. The responsible party for providing information is subject to the penalties established in the legislation and specific regulation.

Art. 20. The debtor and the recipient may appoint an attorney-in-fact to include, consult, and update the information provided to the Central Bank of Brazil.

§ 1º Financial institutions and other institutions authorized to operate by the Central Bank of Brazil may include and alter attorneys-in-fact, provided they are authorized by the debtor or the recipient.

§ 2º The supporting documentation of the authorizations referred to in this article must be kept available to the Central Bank of Brazil for the same period as the retention of the operation's documentation to which the authorization refers, as established in Art. 18.

§ 3º The authorization referred to in this article may be obtained by any means agreed upon by the parties, with due legal security and clear manifestation of consent by the information provider in the constitution of the attorney-in-fact.

Art. 21. In the financial transfers of external credit operations or foreign direct investment subject to information provision, according to the exigibility criteria of this norm, the exchange operation information or the movement of funds of third-party interest in a non-resident real account must include: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

~~I - the external credit operation code for external credit operations in all financial transfers; or~~

I - the SCE-Crédito code in all financial transfers; or (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

II - the foreign direct investment code for foreign direct investment in financial transfers of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies.

II - the SCE-IED code in financial transfers of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies. (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

Art. 22. Non-compliance with the provisions regarding the provision of information on foreign capital operations in the country may imply the prohibition of carrying out financial transfers related to the operation, until the irregularities are remedied, without prejudice to the application of penalties in accordance with the legislation.

Section II

On External Credit Operations

Art. 23. Information provision must be carried out by the responsible party in both cases where funds enter the country and where they are maintained abroad, in the following situations:

I - direct loan, issuance of bonds in the international market, issuance of privately placed bonds in the domestic market, and financing, including from international organizations, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies;

I - direct loan and financing, including from international organizations, issuance of bonds in the international market, with identification of sustainable bonds, and issuance of privately placed bonds in the domestic market, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies; (Redacted, effective 1/10/2025, by Resolution BCB No. 492, of 14/8/2025.)

II - financed importation of goods or services with a payment term exceeding 180 (one hundred and eighty) days, whenever the value of the external credit operation is equal to or greater than US$500,000.00 (five hundred thousand United States dollars) or its equivalent in other currencies; and

III - advance receipt of exportation and external financial lease, with a payment term exceeding 360 (three hundred and sixty) days, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies.

§ 1º Information provision for external credit operations contracted by entities of the Federal, State, Municipal, and Federal District Direct and Indirect Public Administration must be carried out regardless of the operation's value.

§ 2º For the calculation of the equivalence in other currencies of the values mentioned in this article, the date of contract signing or the date of bond issuance abroad must be considered, taking into account the exchange rate of the previous business day published by the Central Bank of Brazil.

Art. 24. Information regarding non-residents involved in external credit operations must be declared in the CDNR prior to information provision.

Art. 25. For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs:

I - change of maturity date;

II - renegotiation of financial conditions; or

III - change of debtor, except in cases of corporate restructuring, succession, or court order.

§ 1º The new information provision must be carried out by the responsible party within 30 (thirty) days after the occurrence of the change.

§ 2º The provisions of the caput do not apply to the change of interest rate whose indexer has had its disclosure terminated.

Art. 25-A. Conversions between external credit operations, including interest and charges into principal, must be reported in SCE-Crédito within 30 (thirty) days after their occurrence. ~~(Included, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)~~

Art. 25-A. Conversions between foreign direct investment and external credit operations, and vice versa, as well as between external credit operations, including interest and charges into principal, must be reported in SCE-Crédito within thirty days after their occurrence. (Redacted, effective 1/10/2025, by Resolution BCB No. 492, of 14/8/2025.)

Art. 26. The registration of an external credit operation carried out prior to the effectiveness of this Resolution must be kept updated, in accordance with this Resolution, until the end of the operation, if it falls under the hypotheses provided for in Art. 23.

Sole Paragraph. The following are exempt from being updated, remaining available for consultation for a period of 1 (one) year after the entry into force of this Resolution:

I - the records of royalties contracts, technical services and similar, external operational lease, rental, and chartering entered into prior to the effectiveness of this Resolution; and

II - the records of external credit operations entered into prior to the effectiveness of this Resolution and not falling under the hypotheses provided for in Art. 23.

Art. 27. Information provision for external credit operations is composed of:

~~I - identification of the parties;~~

I - characterization of the operation; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

~~II - characterization of the operation;~~

II - payment conditions; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

III - payment schedule; and

IV - detailing of financial transfers and movements related to the operation, as provided for in Arts. 30 and 31.

Art. 28. The identification of the parties and the characterization of the operation must be declared in the information provision system:

Art. 28. The characterization of the operation and the payment conditions must be declared in SCE-Crédito: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

I - until the entry of funds into the country, when the operation is contracted with entry; or

~~II - within 30 (thirty) days after disbursement, delivery of goods, or provision of services, abroad or in the country, when the operation is contracted without entry.~~

II - within 30 (thirty) days after disbursement, delivery of goods, or provision of services, by the creditor, abroad or in the country, when the operation is contracted without entry of funds into the country. (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

Art. 29. Information regarding the payment schedule, indispensable for the execution of remittances, must be declared by the responsible party within 30 (thirty) days, as applicable, after:

I - the entry of currency;

II - customs clearance;

III - the provision of services to the resident; or

~~IV - the disbursement or delivery of goods abroad or in the country, in operations without entry of funds into the country.~~

IV - the disbursement or delivery of goods, by the creditor, abroad or in the country, in operations without entry of funds into the country. (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

Art. 30. The information regarding the financial transfers of external credit operations subject to information provision is automatically captured by the information provision system, based on information available in the Exchange System.

Art. 30. The information regarding the financial transfers, including the movement of funds of third-party interest in a non-resident real account, of external credit operations subject to information provision is automatically captured by SCE-Crédito, based on information available in the Exchange System. (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

Sole Paragraph. The values entered are automatically captured in the currencies present in the exchange operations, regardless of the currency contracted in the credit operation, which must be reported as the denomination currency.

Sole Paragraph. The values entered are automatically captured in the currencies present in the exchange operations and the movements of funds of third-party interest in a non-resident real account, regardless of the currency contracted in the credit operation, which must be reported as the denomination currency. ~~(Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)~~

Sole Paragraph. The values entered are automatically captured in the currencies present in the exchange operations and the movements of funds of third-party interest in a non-resident real account, regardless, as applicable: (Redacted, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

I - the currency in which the credit operation was contracted, which must be reported as the denomination currency; or (Included, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

II - the virtual asset referenced in fiat currency in which the credit operation was contracted, observing the provisions of Art. 16, § 1º. (Included, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

Art. 31. In external credit operations subject to information provision, the responsible party must declare the following movements in the information provision system, within 30 (thirty) days after their occurrence:

Art. 31. In external credit operations subject to information provision, the responsible party must declare the following movements in SCE-Crédito, within 30 (thirty) days after their occurrence: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

I - shipment of goods abroad;

II - provision of services to non-residents;

III - payments and receipts made abroad;

~~IV - payments and receipts in national currency in non-resident accounts;~~

IV - payments and receipts in non-resident real accounts that are not movements of third-party interest; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

V - cancellation or cancellation of debt;

VI - payments made or obligation incurred in the country;

~~VII - entry of goods and partial or total loss of merchandise; and~~

VII - entry of goods and partial or total loss of merchandise; (Redacted, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

~~VIII - credit assignment.~~ ~~(Included, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)~~

VIII - credit assignment; and (Redacted, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

IX - payments and receipts whose settlement occurs with virtual assets. (Included, effective 4/5/2026, by Resolution BCB No. 521, of 10/11/2025.)

Sole Paragraph. The debtor of the external credit operation must provide information regarding the onerous or non-onerous credit assignments carried out by the creditor of the credit operation. (Included, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

~~Section III~~

~~On Foreign Direct Investment~~

Section III

On Foreign Direct Investment Operations

(Designation altered, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

Art. 32. Information provision for foreign direct investment must be carried out by the responsible party when:

Art. 32. Information provision for foreign direct investment operations must be carried out by the responsible party when:

I - a financial transfer related to a non-resident investor of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies occurs; or

II - a movement occurs, in the cases provided for in Art. 36, of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies; or

III - the base date for the periodic declarations provided for in Arts. 38 to 40 occurs, for recipients subject to such declarations.

Sole Paragraph. The situations provided for in items I and II of the caput do not apply to financial transfers and movements involving securities traded on an organized market and to operations with such securities carried out outside an organized market in the cases provided for in the regulation of the Monetary Council (CMN) and the Securities and Exchange Commission (CVM).

Art. 33. Information provision for foreign direct investment must include:

Art. 33. Information provision for foreign direct investment operations must include:

I - the identification of the recipient;

II - the detailing of foreign direct investments in the recipient, when required;

III - the quarterly declarations, when required;

IV - the annual declarations, when required; and

V - the quinquennial declarations, when required.

Art. 34. The detailing of foreign direct investment in the recipient must include:

I - the identification of the non-resident investor;

II - the financial transfers and movements resulting from foreign direct investment, as provided for in Arts. 35 and 36; and

~~III - the foreign direct investment code.~~

III - the SCE-IED code. (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

§ 1º The foreign direct investment code is automatically generated by the information provision system after the identification of the recipient and the non-resident investor, which must be reported prior to the first financial transfer of the investment, in the manner provided for in Art. 32, item I, to the first movement, in the manner provided for in Art. 32, item II, or to the first periodic quarterly or annual declaration.

§ 1º The SCE-IED code is automatically generated by the SCE-IED after identification of the recipient and the non-resident investor, who must be informed prior to the first financial transfer of the investment, as provided in art. 32, item I, to the first movement, as provided in art. 32, item II, or to the first quarterly or annual periodic declaration. (Amended, effective from 11/01/2023, by Resolution BCB No. 348, of 10/17/2023.)

§ 2º The recipient of direct foreign investment subject solely to the submission of the quinquennial declaration is exempt from detailing the direct foreign investment in the information reporting system.

§ 2º The recipient of direct foreign investment subject solely to the submission of the quinquennial declaration is exempt from detailing the direct foreign investment in the SCE-IED. (Amended, effective from 11/01/2023, by Resolution BCB No. 348, of 10/17/2023.)

§ 3º Non-resident participations in the capital of the recipient represented by securities traded on an organized market must not be included in the detailing of direct foreign investment.

Art. 35. Financial transfers resulting from direct foreign investment are automatically captured by the information reporting system, based on the information available in the Foreign Exchange System, in the cases of:

Art. 35. Financial transfers, including movement of funds of interest to a non-resident in reais accounts, resulting from direct foreign investment are automatically captured by the SCE-IED, based on the information available in the Foreign Exchange System, in the cases of: (Amended, effective from 11/01/2023, by Resolution BCB No. 348, of 10/17/2023.)

I - entry of currency; and

II - remittance abroad of profits and dividends, interest on equity, and return of capital.

Art. 36. Movements resulting from direct foreign investment must be reported within 30 (thirty) days of their occurrence, in the cases of:

~~I - capitalization through tangible or intangible assets;~~

I - capitalization through tangible, intangible, or virtual assets; (Amended, effective from 10/01/2024, by Resolution BCB No. 410, of 09/11/2024.)

II - conversion into investment of remittable rights abroad not reported as external debt;

~~III - assignment, swap, and contribution of quotas or shares among resident and non-resident investors, or among non-resident investors;~~

III - (Revoked, effective from 10/01/2024, by Resolution BCB No. 410, of 09/11/2024.)

IV - international contribution of quotas or shares;

~~V - corporate reorganization;~~

V - (Revoked, effective from 10/01/2024, by Resolution BCB No. 410, of 09/11/2024.)

VI - distribution of profits and dividends, payment of interest on equity, alienation of participation, return of capital and net equity resulting from liquidation, when made directly abroad or in national currency in the Country;

VI - distribution of profits and dividends, payment of interest on equity, acquisition by residents, alienation to residents, return of capital and net equity resulting from liquidation, capitalization of profits, dividends, and interest on equity, and other capitalizations, when not carried out in the manner of art. 35. (Amended, effective from 10/01/2024, by Resolution BCB No. 410, of 09/11/2024.)

~~VII - payments and receipts in national currency in non-resident accounts; or~~

VII - (Revoked, effective from 10/01/2024, by Resolution BCB No. 410, of 09/11/2024.)

~~VIII - reinvestment.~~

VIII - (Revoked, effective from 10/01/2024, by Resolution BCB No. 410, of 09/11/2024.)

Art. 37. In quarterly, annual, and quinquennial declarations, information must be provided regarding:

I - the corporate structure and identification of non-resident investors;

II - the accounting and economic value of the recipient;

III - the operational and non-operational profit of the recipient; and

IV - supplementary accounting data of the recipient.

Sole Paragraph. In annual and quinquennial declarations, data regarding economic information that allows mapping the activities of multinational companies in Brazil and their regions may be requested, such as activity sector, employment, revenue, technology, and international trade.

Art. 38. The quarterly declaration must be submitted by the recipient of direct foreign investment that, on the reference date of the quarterly declaration, has total assets with a value equal to or greater than R$300,000,000.00 (three hundred million reais).

Sole Paragraph. The quarterly reference dates are March 31, June 30, and September 30 of each year.

Art. 39. The annual declaration must be submitted by the recipient of direct foreign investment that, on the reference date of December 31 of the previous year, has total assets with a value equal to or greater than R$100,000,000.00 (one hundred million reais).

Art. 40. The quinquennial declaration, whose reference date is December 31 of a calendar year ending in 0 (zero) or 5 (five), must be submitted by the recipient of direct foreign investment that, on the reference date of December 31 of the previous year, has total assets with a value equal to or greater than R$100,000.00 (one hundred thousand reais).

Sole Paragraph. There will be no annual declaration in years in which there is a quinquennial declaration.

Art. 41. The deadlines for submitting periodic declarations are:

I - quarterly declarations:

a) reference date of March 31: from April 1 to June 30;

b) reference date of June 30: from July 1 to September 30; and

c) reference date of September 30: from October 1 to December 31;

II - annual and quinquennial declarations: from January 1 to March 31 of the following year.

~~Sole Paragraph. The deadline for submitting the quarterly declaration with a reference date of September 30, 2023, is from November 1 to December 31, 2023.~~

Sole Paragraph. (Revoked, effective from 11/01/2023, by Resolution BCB No. 348, of 10/17/2023.)

§ 1º The deadline for submitting the quarterly declaration with a reference date of September 30, 2023, is from November 1 to December 31, 2023. (Included, effective from 11/01/2023, by Resolution BCB No. 348, of 10/17/2023.)

§ 2º The deadline for submitting the quarterly declaration with a reference date of September 30, 2024, is from November 11 to December 31, 2024. (Included, effective from 11/01/2023, by Resolution BCB No. 348, of 10/17/2023.)

CHAPTER IV

FINAL PROVISIONS

~~Art. 42. The provision of information provided for in art. 36 of this Resolution shall be due from November 1, 2023.~~

Art. 42. The provision of information provided for in art. 36 of this Resolution shall be due from October 1, 2024. (Amended, effective from 11/01/2023, by Resolution BCB No. 348, of 10/17/2023.)

Art. 43. The provisions of Resolution BCB No. 281, of December 31, 2022, must be observed complementarily to this Resolution.

Art. 44. The Central Bank of Brazil will publish, on its website, Declarant Manuals containing instructions for the provision of information on foreign capital in the Country.

Art. 45. The following are revoked:

I - Resolution No. 3,844, of March 23, 2010;

II - Resolution No. 3,967, of April 4, 2011;

III - Resolution No. 4,533, of November 24, 2016;

IV - Resolution No. 4,637, of February 22, 2018;

V - Resolution No. 4,712, of March 28, 2019;

VI - Resolution CMN No. 4,857, of October 23, 2020;

VII - art. 1 of Resolution CMN No. 4,981, of January 27, 2022;

VIII - Resolution CMN No. 5,011, of March 24, 2022;

IX - arts. 18 to 107 of Circular No. 3,689, of December 16, 2013; (See Circulars Nos. 3,752, of 3/27/2015; 3,814, of 12/7/2016; 3,837, of 6/27/2017; 3,844, of 8/30/2017; 3,939, of 4/17/2019; and 3,960, of 9/4/2019; and Resolution BCB No. 262, of 11/22/2022.)

X - Circular No. 3,752, of March 27, 2015;

XI - Circular No. 3,783, of January 26, 2016;

XII - Circular No. 3,795, of June 16, 2016;

XIII - Circular No. 3,814, of December 7, 2016;

XIV - Circular No. 3,822, of January 20, 2017;

XV - Circular No. 3,837, of June 27, 2017;

XVI - Circular No. 3,844, of August 30, 2017;

XVII - Circular No. 3,883, of March 7, 2018;

XVIII - Circular No. 3,939, of April 17, 2019;

XIX - Circular No. 3,960, of September 4, 2019;

XX - Circular No. 3,973, of December 17, 2019;

XXI - Resolution BCB No. 224, of April 13, 2022; and

XXII - Resolution BCB No. 262, of November 22, 2022.

Art. 46. This Resolution enters into force:

~~I - on November 1, 2023, regarding art. 39; and~~

I - on February 10, 2025, regarding art. 39; and (Amended by Resolution BCB No. 348, of 10/17/2023.)

II - on the date of its publication, regarding the other provisions.

Otávio Ribeiro Damaso
Director of Regulation

What changed in the obligations

Against Central Bank of Brazil Resolution Amending Foreign Investment Registration Rules (2016-11-24)

101 new obligations · 1 deadline changed · 2 changes of who is bound · 2 not carried over

3 obligations are the same in both texts.

Changed (3)

Who is bound
Before
§ 1. The receiving company may appoint, as agents, natural or legal persons authorized to include, consult, and update the registrations referred to in the main text.
Now
The debtor and the recipient may appoint an attorney-in-fact to include, consult, and update the information provided to the Central Bank of Brazil.
Who is bound
Before
§ 2. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil may include and alter agents provided they are duly authorized by the receiving company.
Now
§ 1º Financial institutions and other institutions authorized to operate by the Central Bank of Brazil may include and alter attorneys-in-fact, provided they are authorized by the debtor or the recipient.
Deadline
Before
§ 3. The documentation proving the authorizations referred to in §§ 1 and 2 must be kept available to the Central Bank of Brazil for a minimum period of 5 (five) years, counted from the date of expiration of the respective authorizations.”
Now
§ 2º The supporting documentation of the authorizations referred to in this article must be kept available to the Central Bank of Brazil for the same period as the retention of the operation's documentation to which the authorization refers, as established in Art. 18.

New in this text (101)

Sustainable securities issued in the international market may be: (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)
Art. 3 The flows and stocks of foreign capital must follow the form and conditions established in this Chapter in addition to the provisions of the foreign exchange market regulation.
Art. 4 In external credit and foreign direct investment operations governed by this Resolution, their legality, economic fundamentation, and compatibility with conditions usually observed in international markets must be observed.
The supporting documentation for the operations must be kept for a period of 10 (ten) years, counted from the conclusion of the operation, in the case of external credit, or from the end of the participation in the share capital of the recipient, in the case of foreign direct investment, and the Central Bank of Brazil may, during this period, request it from the debtor of the external credit oper…
Art. 5 The contracting and renegotiation of external credit operations in any currency is free.
Art. 6 The costs and other conditions of external credit operations must maintain compatibility with those usually observed in international markets and be clearly defined in the contracts of the operations.
Art. 7 Financial transfers and movements abroad resulting from external credit operations are limited to the amount necessary to settle the principal of the debt, interest, and charges.
Art. 8 Early settlement of obligations, including ancillary charges, as well as the payment of advance interest related to external credit operations, is permitted.
Art. 9 Payment by a co-obligor or third party of values due in an external credit operation must observe the legality of this prerogative.
The raising of resources abroad, both for free application in the domestic market and for the realization of interfinancial external pass-through operations, may be carried out by financial institutions and leasing companies, observing the relevant regulations for such entities.
§ 1 In the external pass-through operation, the financial institution must pass on to the final borrower of the resources the effects resulting from the exchange rate variation of the debt originally contracted abroad.
§ 2 In the external pass-through operation, the charging of any burden is prohibited, except for commission for the financial intermediation service.
§ 3 The entry of resources into the Country for external pass-through operations may also occur from an account abroad specifically designated for the resource raising operation carried out with multilateral development banks and international development agencies, titled by the national financial institution.
§ 2 The amortization of advance receipt of export operations must be effected through the shipment of goods or the provision of services, and interest may be paid through financial transfers or exports.
In the event that the shipment of goods or the provision of services does not occur in the situation referred to in Art. 12, the return of the resources that entered the Country in the manner of this Section to abroad is permitted, including by the guarantor of the operation, or the conversion into foreign direct investment or direct loan.
The external financial leasing operation must have: I - total term limited to the useful life of the asset;
The external financial leasing operation must have: II - counterpayments compatible with the conditions practiced in the international market for the term and type of leased asset;
The external financial leasing operation must have: III - contractual installments, fixed installments, distributed over time in such a way that, at any moment during the validity of the contract, the proportion between the total value already transferred abroad and the value of the leasing is not higher than the proportion existing between the elapsed term and the total term of the operation; and
The external financial leasing operation must have: IV - contract with a purchase option clause or a clause for renewing the term of validity of the contract.
When it concerns a financial external lease contract between a lessor-purchaser domiciled abroad and a lessee-seller domiciled in the country (sale-leaseback), the contract value must be less than 90% (ninety percent) of the cost of the asset subject to the lease, the acquisition of which must occur via cash payment.
The realization of foreign direct investment operations in the country, as well as their financial transfers and associated movements, is free, observing the provisions of specific legislation and the economic justification of the operation.
Information regarding external credit operations and foreign direct investment must be provided to the Central Bank of Brazil in accordance with this Resolution.
§ 1º In external credit operations involving virtual assets referenced in fiat currency, the value in the reference fiat currency must be reported for the purposes of information provision in SCE-Crédito.
§ 2º In foreign direct investment operations involving virtual assets, the value in fiat currency must be reported for the purposes of information provision in SCE-IED.
The responsible party for providing information must: I - keep available to the Central Bank of Brazil the supporting documentation of the information provided, updated and in order, until the end of the 10 (ten) year period, counted from: b) the liquidation of the foreign direct investment of each investor in the recipient, in the case of foreign direct investment;
The responsible party for providing information must: II - arrange for the correction of declared information that is incorrect, outdated, or incomplete;
The responsible party for providing information must: III - arrange for the correction of information when requested by the Central Bank of Brazil.
§ 2º The responsible party for providing information or the legal representative must register the deactivation of the SCE-IED code and the closure of the recipient in applicable situations.
§ 3º The authorization referred to in this article may be obtained by any means agreed upon by the parties, with due legal security and clear manifestation of consent by the information provider in the constitution of the attorney-in-fact.
In the financial transfers of external credit operations or foreign direct investment subject to information provision, according to the exigibility criteria of this norm, the exchange operation information or the movement of funds of third-party interest in a non-resident real account must include: [(Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)](https://www.bcb.gov.b…
I - the SCE-Crédito code in all financial transfers; or (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
II - the SCE-IED code in financial transfers of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies.
Information provision must be carried out by the responsible party in both cases where funds enter the country and where they are maintained abroad, in the following situations:
I - direct loan and financing, including from international organizations, issuance of bonds in the international market, with identification of sustainable bonds, and issuance of privately placed bonds in the domestic market, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies; […
II - financed importation of goods or services with a payment term exceeding 180 (one hundred and eighty) days, whenever the value of the external credit operation is equal to or greater than US$500,000.00 (five hundred thousand United States dollars) or its equivalent in other currencies; and
III - advance receipt of exportation and external financial lease, with a payment term exceeding 360 (three hundred and sixty) days, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies.
§ 1º Information provision for external credit operations contracted by entities of the Federal, State, Municipal, and Federal District Direct and Indirect Public Administration must be carried out regardless of the operation's value.
Information regarding non-residents involved in external credit operations must be declared in the CDNR prior to information provision.
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: I - change of maturity date;
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: II - renegotiation of financial conditions; or
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: III - change of debtor, except in cases of corporate restructuring, succession, or court order.
§ 1º The new information provision must be carried out by the responsible party within 30 (thirty) days after the occurrence of the change.
Art. 25-A. Conversions between foreign direct investment and external credit operations, and vice versa, as well as between external credit operations, including interest and charges into principal, must be reported in SCE-Crédito within thirty days after their occurrence.
The registration of an external credit operation carried out prior to the effectiveness of this Resolution must be kept updated, in accordance with this Resolution, until the end of the operation, if it falls under the hypotheses provided for in Art. 23.
The following are exempt from being updated, remaining available for consultation for a period of 1 (one) year after the entry into force of this Resolution: I - the records of royalties contracts, technical services and similar, external operational lease, rental, and chartering entered into prior to the effectiveness of this Resolution; and
The following are exempt from being updated, remaining available for consultation for a period of 1 (one) year after the entry into force of this Resolution: II - the records of external credit operations entered into prior to the effectiveness of this Resolution and not falling under the hypotheses provided for in Art. 23.
Information provision for external credit operations is composed of:
I - characterization of the operation; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
II - payment conditions; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
III - payment schedule; and
IV - detailing of financial transfers and movements related to the operation, as provided for in Arts. 30 and 31.
The characterization of the operation and the payment conditions must be declared in SCE-Crédito: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
I - until the entry of funds into the country, when the operation is contracted with entry; or
II - within 30 (thirty) days after disbursement, delivery of goods, or provision of services, by the creditor, abroad or in the country, when the operation is contracted without entry of funds into the country.
Information regarding the payment schedule, indispensable for the execution of remittances, must be declared by the responsible party within 30 (thirty) days, as applicable, after: I - the entry of currency;
Information regarding the payment schedule, indispensable for the execution of remittances, must be declared by the responsible party within 30 (thirty) days, as applicable, after: II - customs clearance;
Information regarding the payment schedule, indispensable for the execution of remittances, must be declared by the responsible party within 30 (thirty) days, as applicable, after: III - the provision of services to the resident; or
IV - the disbursement or delivery of goods, by the creditor, abroad or in the country, in operations without entry of funds into the country.
The information regarding the financial transfers, including the movement of funds of third-party interest in a non-resident real account, of external credit operations subject to information provision is automatically captured by SCE-Crédito, based on information available in the Exchange System.
In external credit operations subject to information provision, the responsible party must declare the following movements in SCE-Crédito, within 30 (thirty) days after their occurrence: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)

The first 60 of 101 are shown.

Not carried over (2)

“Article 4. The receiving company is responsible for the electronic declaratory registration with the Central Bank of Brazil of direct foreign investment in the country.
“Article 4-A. The non-resident investor, through their agent in the country, may consult their registered investment.”

Against CMN Resolution No. 3967 — Amending Resolution No. 3,844 of March 23, 2010, Regarding Foreign Capital in the Country and Its Registration with the Central Bank of Brazil (2011-04-04)

108 new obligations · 1 change of scope

Changed (1)

Scope
Before
III. the renewal, the renegotiation, and the assumption of obligations for external loan operations, subject to registration with the Central Bank of Brazil, contracted directly or through the issuance of securities in the international market."
Now
Art. 5 The contracting and renegotiation of external credit operations in any currency is free.

New in this text (108)

Sustainable securities issued in the international market may be: (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)
Art. 3 The flows and stocks of foreign capital must follow the form and conditions established in this Chapter in addition to the provisions of the foreign exchange market regulation.
Art. 4 In external credit and foreign direct investment operations governed by this Resolution, their legality, economic fundamentation, and compatibility with conditions usually observed in international markets must be observed.
The supporting documentation for the operations must be kept for a period of 10 (ten) years, counted from the conclusion of the operation, in the case of external credit, or from the end of the participation in the share capital of the recipient, in the case of foreign direct investment, and the Central Bank of Brazil may, during this period, request it from the debtor of the external credit oper…
Art. 6 The costs and other conditions of external credit operations must maintain compatibility with those usually observed in international markets and be clearly defined in the contracts of the operations.
Art. 7 Financial transfers and movements abroad resulting from external credit operations are limited to the amount necessary to settle the principal of the debt, interest, and charges.
Art. 8 Early settlement of obligations, including ancillary charges, as well as the payment of advance interest related to external credit operations, is permitted.
Art. 9 Payment by a co-obligor or third party of values due in an external credit operation must observe the legality of this prerogative.
The raising of resources abroad, both for free application in the domestic market and for the realization of interfinancial external pass-through operations, may be carried out by financial institutions and leasing companies, observing the relevant regulations for such entities.
§ 1 In the external pass-through operation, the financial institution must pass on to the final borrower of the resources the effects resulting from the exchange rate variation of the debt originally contracted abroad.
§ 2 In the external pass-through operation, the charging of any burden is prohibited, except for commission for the financial intermediation service.
§ 3 The entry of resources into the Country for external pass-through operations may also occur from an account abroad specifically designated for the resource raising operation carried out with multilateral development banks and international development agencies, titled by the national financial institution.
§ 2 The amortization of advance receipt of export operations must be effected through the shipment of goods or the provision of services, and interest may be paid through financial transfers or exports.
In the event that the shipment of goods or the provision of services does not occur in the situation referred to in Art. 12, the return of the resources that entered the Country in the manner of this Section to abroad is permitted, including by the guarantor of the operation, or the conversion into foreign direct investment or direct loan.
The external financial leasing operation must have: I - total term limited to the useful life of the asset;
The external financial leasing operation must have: II - counterpayments compatible with the conditions practiced in the international market for the term and type of leased asset;
The external financial leasing operation must have: III - contractual installments, fixed installments, distributed over time in such a way that, at any moment during the validity of the contract, the proportion between the total value already transferred abroad and the value of the leasing is not higher than the proportion existing between the elapsed term and the total term of the operation; and
The external financial leasing operation must have: IV - contract with a purchase option clause or a clause for renewing the term of validity of the contract.
When it concerns a financial external lease contract between a lessor-purchaser domiciled abroad and a lessee-seller domiciled in the country (sale-leaseback), the contract value must be less than 90% (ninety percent) of the cost of the asset subject to the lease, the acquisition of which must occur via cash payment.
The realization of foreign direct investment operations in the country, as well as their financial transfers and associated movements, is free, observing the provisions of specific legislation and the economic justification of the operation.
Information regarding external credit operations and foreign direct investment must be provided to the Central Bank of Brazil in accordance with this Resolution.
§ 1º In external credit operations involving virtual assets referenced in fiat currency, the value in the reference fiat currency must be reported for the purposes of information provision in SCE-Crédito.
§ 2º In foreign direct investment operations involving virtual assets, the value in fiat currency must be reported for the purposes of information provision in SCE-IED.
The responsible party for providing information is: I - the debtor, in the case of external credit operations; or
II - the recipient, in the case of foreign direct investment operations.
The responsible party for providing information must: I - keep available to the Central Bank of Brazil the supporting documentation of the information provided, updated and in order, until the end of the 10 (ten) year period, counted from: a) the closure of the operation's obligations, in the case of external credit; or
The responsible party for providing information must: I - keep available to the Central Bank of Brazil the supporting documentation of the information provided, updated and in order, until the end of the 10 (ten) year period, counted from: b) the liquidation of the foreign direct investment of each investor in the recipient, in the case of foreign direct investment;
The responsible party for providing information must: II - arrange for the correction of declared information that is incorrect, outdated, or incomplete;
The responsible party for providing information must: III - arrange for the correction of information when requested by the Central Bank of Brazil.
§ 1º The responsible party for providing information is responsible for the economic justification and legality of the operation, as well as for the veracity of the declarations provided.
§ 2º The responsible party for providing information or the legal representative must register the deactivation of the SCE-IED code and the closure of the recipient in applicable situations.
The debtor and the recipient may appoint an attorney-in-fact to include, consult, and update the information provided to the Central Bank of Brazil.
§ 1º Financial institutions and other institutions authorized to operate by the Central Bank of Brazil may include and alter attorneys-in-fact, provided they are authorized by the debtor or the recipient.
§ 2º The supporting documentation of the authorizations referred to in this article must be kept available to the Central Bank of Brazil for the same period as the retention of the operation's documentation to which the authorization refers, as established in Art. 18.
§ 3º The authorization referred to in this article may be obtained by any means agreed upon by the parties, with due legal security and clear manifestation of consent by the information provider in the constitution of the attorney-in-fact.
In the financial transfers of external credit operations or foreign direct investment subject to information provision, according to the exigibility criteria of this norm, the exchange operation information or the movement of funds of third-party interest in a non-resident real account must include: [(Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)](https://www.bcb.gov.b…
I - the SCE-Crédito code in all financial transfers; or (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
II - the SCE-IED code in financial transfers of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies.
Information provision must be carried out by the responsible party in both cases where funds enter the country and where they are maintained abroad, in the following situations:
I - direct loan and financing, including from international organizations, issuance of bonds in the international market, with identification of sustainable bonds, and issuance of privately placed bonds in the domestic market, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies; […
II - financed importation of goods or services with a payment term exceeding 180 (one hundred and eighty) days, whenever the value of the external credit operation is equal to or greater than US$500,000.00 (five hundred thousand United States dollars) or its equivalent in other currencies; and
III - advance receipt of exportation and external financial lease, with a payment term exceeding 360 (three hundred and sixty) days, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies.
§ 1º Information provision for external credit operations contracted by entities of the Federal, State, Municipal, and Federal District Direct and Indirect Public Administration must be carried out regardless of the operation's value.
Information regarding non-residents involved in external credit operations must be declared in the CDNR prior to information provision.
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: I - change of maturity date;
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: II - renegotiation of financial conditions; or
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: III - change of debtor, except in cases of corporate restructuring, succession, or court order.
§ 1º The new information provision must be carried out by the responsible party within 30 (thirty) days after the occurrence of the change.
Art. 25-A. Conversions between foreign direct investment and external credit operations, and vice versa, as well as between external credit operations, including interest and charges into principal, must be reported in SCE-Crédito within thirty days after their occurrence.
The registration of an external credit operation carried out prior to the effectiveness of this Resolution must be kept updated, in accordance with this Resolution, until the end of the operation, if it falls under the hypotheses provided for in Art. 23.
The following are exempt from being updated, remaining available for consultation for a period of 1 (one) year after the entry into force of this Resolution: I - the records of royalties contracts, technical services and similar, external operational lease, rental, and chartering entered into prior to the effectiveness of this Resolution; and
The following are exempt from being updated, remaining available for consultation for a period of 1 (one) year after the entry into force of this Resolution: II - the records of external credit operations entered into prior to the effectiveness of this Resolution and not falling under the hypotheses provided for in Art. 23.
Information provision for external credit operations is composed of:
I - characterization of the operation; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
II - payment conditions; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
III - payment schedule; and
IV - detailing of financial transfers and movements related to the operation, as provided for in Arts. 30 and 31.
The characterization of the operation and the payment conditions must be declared in SCE-Crédito: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
I - until the entry of funds into the country, when the operation is contracted with entry; or
II - within 30 (thirty) days after disbursement, delivery of goods, or provision of services, by the creditor, abroad or in the country, when the operation is contracted without entry of funds into the country.

The first 60 of 108 are shown.

Against Resolution CMN No. 3844 — Regulates Foreign Capital in the Country and its Registration at the Central Bank of Brazil (2010-03-23)

87 new obligations · 2 deadlines changed · 5 changes of scope · 44 not carried over

15 obligations are the same in both texts.

Changed (7)

Deadline
Before
Art. 4 The persons responsible for the registration, indicated in the Annex Regulations to this resolution, must keep at the disposal of the Central Bank of Brazil, updated and in order, the supporting documentation of all information declared in the RDE, until the end of the 5 (five) year period, counted from the end of participation in the share capital of the recipient legal entity, in the cas…
Now
The supporting documentation for the operations must be kept for a period of 10 (ten) years, counted from the conclusion of the operation, in the case of external credit, or from the end of the participation in the share capital of the recipient, in the case of foreign direct investment, and the Central Bank of Brazil may, during this period, request it from the debtor of the external credit oper…
Scope
Before
Art. 3 The costs and other conditions of the operations referred to in this Regulation must maintain compatibility with those usually observed in international markets and must be clearly defined in the registration, with no outstanding maturities or undefined or unlimited charges linked to the financial results or to any form of business performance measurement of the borrower or third parties b…
Now
Art. 6 The costs and other conditions of external credit operations must maintain compatibility with those usually observed in international markets and be clearly defined in the contracts of the operations.
Scope
Before
Art. 6 Early settlement of external obligations related to the operations referred to in this Regulation is permitted.
Now
Art. 8 Early settlement of obligations, including ancillary charges, as well as the payment of advance interest related to external credit operations, is permitted.
Scope
Before
Art. 10 Financial institutions and leasing companies are permitted to raise resources abroad, for free application in the domestic market.
Now
The raising of resources abroad, both for free application in the domestic market and for the realization of interfinancial external pass-through operations, may be carried out by financial institutions and leasing companies, observing the relevant regulations for such entities.
Deadline
Before
Art. 16. The advance export receipt operation with a term exceeding 360 (three hundred and sixty) days may be linked to the export of the financing borrower, its holding company, its subsidiaries, or companies that are controlled by its holding company.
Now
The advance receipt of export operation may refer to the export of the debtor of the operation, its holding company, its subsidiaries, or a company that is controlled by its holding company.
Scope
Before
Art. 21. External financial leasing (financial leasing) operations contracted between a lessor domiciled abroad and a lessee in the Country, with a payment term exceeding 360 (three hundred and sixty) days, are subject to registration, in accordance with this Regulation.
Now
III - advance receipt of exportation and external financial lease, with a payment term exceeding 360 (three hundred and sixty) days, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies.
Scope
Before
Art. 1 The following contracts are subject to electronic declaratory registration at the Central Bank of Brazil, in accordance with this Regulation, when carried out between an individual or legal entity resident, domiciled or with headquarters in the Country and an individual or legal entity resid… II - provision of technical services and similar;
Now
II - provision of services to non-residents;

New in this text (87)

Sustainable securities issued in the international market may be: (Included, effective 1/10/2025, by BCB Resolution No. 492, of 14/8/2025.)
Art. 4 In external credit and foreign direct investment operations governed by this Resolution, their legality, economic fundamentation, and compatibility with conditions usually observed in international markets must be observed.
Art. 5 The contracting and renegotiation of external credit operations in any currency is free.
Art. 9 Payment by a co-obligor or third party of values due in an external credit operation must observe the legality of this prerogative.
§ 3 The entry of resources into the Country for external pass-through operations may also occur from an account abroad specifically designated for the resource raising operation carried out with multilateral development banks and international development agencies, titled by the national financial institution.
The realization of foreign direct investment operations in the country, as well as their financial transfers and associated movements, is free, observing the provisions of specific legislation and the economic justification of the operation.
Information regarding external credit operations and foreign direct investment must be provided to the Central Bank of Brazil in accordance with this Resolution.
§ 1º In external credit operations involving virtual assets referenced in fiat currency, the value in the reference fiat currency must be reported for the purposes of information provision in SCE-Crédito.
§ 2º In foreign direct investment operations involving virtual assets, the value in fiat currency must be reported for the purposes of information provision in SCE-IED.
The responsible party for providing information must: II - arrange for the correction of declared information that is incorrect, outdated, or incomplete;
The responsible party for providing information must: III - arrange for the correction of information when requested by the Central Bank of Brazil.
§ 1º The responsible party for providing information is responsible for the economic justification and legality of the operation, as well as for the veracity of the declarations provided.
§ 2º The responsible party for providing information or the legal representative must register the deactivation of the SCE-IED code and the closure of the recipient in applicable situations.
The debtor and the recipient may appoint an attorney-in-fact to include, consult, and update the information provided to the Central Bank of Brazil.
§ 1º Financial institutions and other institutions authorized to operate by the Central Bank of Brazil may include and alter attorneys-in-fact, provided they are authorized by the debtor or the recipient.
§ 2º The supporting documentation of the authorizations referred to in this article must be kept available to the Central Bank of Brazil for the same period as the retention of the operation's documentation to which the authorization refers, as established in Art. 18.
§ 3º The authorization referred to in this article may be obtained by any means agreed upon by the parties, with due legal security and clear manifestation of consent by the information provider in the constitution of the attorney-in-fact.
In the financial transfers of external credit operations or foreign direct investment subject to information provision, according to the exigibility criteria of this norm, the exchange operation information or the movement of funds of third-party interest in a non-resident real account must include: [(Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)](https://www.bcb.gov.b…
I - the SCE-Crédito code in all financial transfers; or (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
II - the SCE-IED code in financial transfers of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies.
Information provision must be carried out by the responsible party in both cases where funds enter the country and where they are maintained abroad, in the following situations:
I - direct loan and financing, including from international organizations, issuance of bonds in the international market, with identification of sustainable bonds, and issuance of privately placed bonds in the domestic market, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies; […
II - financed importation of goods or services with a payment term exceeding 180 (one hundred and eighty) days, whenever the value of the external credit operation is equal to or greater than US$500,000.00 (five hundred thousand United States dollars) or its equivalent in other currencies; and
§ 1º Information provision for external credit operations contracted by entities of the Federal, State, Municipal, and Federal District Direct and Indirect Public Administration must be carried out regardless of the operation's value.
Information regarding non-residents involved in external credit operations must be declared in the CDNR prior to information provision.
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: I - change of maturity date;
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: II - renegotiation of financial conditions; or
For the purposes of this Chapter, new information provision must be made whenever, after the first financial transfer or movement, the following occurs: III - change of debtor, except in cases of corporate restructuring, succession, or court order.
§ 1º The new information provision must be carried out by the responsible party within 30 (thirty) days after the occurrence of the change.
Art. 25-A. Conversions between foreign direct investment and external credit operations, and vice versa, as well as between external credit operations, including interest and charges into principal, must be reported in SCE-Crédito within thirty days after their occurrence.
The registration of an external credit operation carried out prior to the effectiveness of this Resolution must be kept updated, in accordance with this Resolution, until the end of the operation, if it falls under the hypotheses provided for in Art. 23.
The following are exempt from being updated, remaining available for consultation for a period of 1 (one) year after the entry into force of this Resolution: I - the records of royalties contracts, technical services and similar, external operational lease, rental, and chartering entered into prior to the effectiveness of this Resolution; and
The following are exempt from being updated, remaining available for consultation for a period of 1 (one) year after the entry into force of this Resolution: II - the records of external credit operations entered into prior to the effectiveness of this Resolution and not falling under the hypotheses provided for in Art. 23.
Information provision for external credit operations is composed of:
I - characterization of the operation; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
II - payment conditions; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
III - payment schedule; and
IV - detailing of financial transfers and movements related to the operation, as provided for in Arts. 30 and 31.
The characterization of the operation and the payment conditions must be declared in SCE-Crédito: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
I - until the entry of funds into the country, when the operation is contracted with entry; or
II - within 30 (thirty) days after disbursement, delivery of goods, or provision of services, by the creditor, abroad or in the country, when the operation is contracted without entry of funds into the country.
Information regarding the payment schedule, indispensable for the execution of remittances, must be declared by the responsible party within 30 (thirty) days, as applicable, after: I - the entry of currency;
Information regarding the payment schedule, indispensable for the execution of remittances, must be declared by the responsible party within 30 (thirty) days, as applicable, after: II - customs clearance;
Information regarding the payment schedule, indispensable for the execution of remittances, must be declared by the responsible party within 30 (thirty) days, as applicable, after: III - the provision of services to the resident; or
IV - the disbursement or delivery of goods, by the creditor, abroad or in the country, in operations without entry of funds into the country.
The information regarding the financial transfers, including the movement of funds of third-party interest in a non-resident real account, of external credit operations subject to information provision is automatically captured by SCE-Crédito, based on information available in the Exchange System.
In external credit operations subject to information provision, the responsible party must declare the following movements in SCE-Crédito, within 30 (thirty) days after their occurrence: (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
I - shipment of goods abroad;
III - payments and receipts made abroad;
IV - payments and receipts in non-resident real accounts that are not movements of third-party interest; (Redacted, effective 1/11/2023, by Resolution BCB No. 348, of 17/10/2023.)
The debtor of the external credit operation must provide information regarding the onerous or non-onerous credit assignments carried out by the creditor of the credit operation.
Information provision for foreign direct investment operations must be carried out by the responsible party when: I - a financial transfer related to a non-resident investor of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies occurs; or
Information provision for foreign direct investment operations must be carried out by the responsible party when: II - a movement occurs, in the cases provided for in Art. 36, of value equal to or greater than US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies; or
Information provision for foreign direct investment operations must be carried out by the responsible party when: III - the base date for the periodic declarations provided for in Arts. 38 to 40 occurs, for recipients subject to such declarations.
Information provision for foreign direct investment operations must include: I - the identification of the recipient;
Information provision for foreign direct investment operations must include: II - the detailing of foreign direct investments in the recipient, when required;
Information provision for foreign direct investment operations must include: III - the quarterly declarations, when required;
Information provision for foreign direct investment operations must include: IV - the annual declarations, when required; and
Information provision for foreign direct investment operations must include: V - the quinquennial declarations, when required.
The detailing of foreign direct investment in the recipient must include: I - the identification of the non-resident investor;

The first 60 of 87 are shown.

Not carried over (44)

§ 2 The registration referred to in this article must be carried out in the foreign currency in which the resources effectively entered the Country or, in the situations provided for in the legislation in force, in national currency.
Financial transfers to the exterior may be made in any currency, regardless of the currency in which the registration is carried out at the Central Bank of Brazil.
The registration referred to in this article must be carried out within 30 (thirty) days, counted from the date of the event that gave rise to it, observing the norms issued in the Annex Regulations.
Art. 5 The carrying out of the registration referred to in this Resolution does not exempt the persons responsible for the registration from complying with the legal and regulatory provisions applicable to the registered operations, including those of a tax nature.
Art. 6 The persons responsible for the registration must inform the Central Bank of Brazil, in the form and within the period defined by it, of the carrying out of payment, directly in the exterior, of an external obligation related to the operation registered in accordance with this Resolution.
Art. 1 This Regulation regulates the electronic declaratory registration, at the Central Bank of Brazil, of direct foreign investment in the Country.
Art. 2 The registration referred to in this Regulation must be carried out in the Electronic Declaratory Registration system, Direct Foreign Investment module (RDE-IED), of Sisbacen.
The registration must be preceded by authorization from the Central Bank of Brazil for investment in the share capital of financial institutions and other institutions authorized by it to operate.
Art. 6 The capitalization of profits, dividends, interest on own capital and profit reserves, in the recipient company in which they were produced, must be registered as reinvestment in the currency of the country to which they could have been remitted or, in the case of investment registered in national currency, in reais.
Art. 7 Corporate reorganizations involving recipient companies are subject to registration, in accordance with this Regulation.
The registration of the investment referred to in the caput must be carried out within 30 (thirty) days, counted from the date of customs clearance of the tangible good.
Art. 2 The registration referred to in this Regulation must be carried out in the Electronic Declaratory Registration system, Financial Operation Registration module (RDE-ROF), of Sisbacen.
Art. 5 Prior to the contracting of the operations referred to in this Regulation, the bodies or entities of the Federal Administration, of the States, of the Federal District and of the Municipalities are subject to accreditation at the Central Bank of Brazil, in accordance with specific regulation.
Art. 8 The resources entered into the Country regarding external loans contracted directly or through the issuance of securities in the international market are subject to registration, in accordance with this Regulation, regardless of the term of the operation.
Art. 9 Once the entry of resources has occurred, changes in maturity date and financial conditions (renewal) and debtor (assumption) are the responsibility of the original borrower, who must carry them out in a timely manner in the RDE-ROF module, through a specific modality, canceling the original debt registration and constituting a new registration.
Art. 13. The raising of resources, by an individual or legal entity domiciled or with headquarters in the Country, through the contracting of a direct loan or issuance of securities in the international market, denominated in reais, must be registered in the same currency in which the effective entry of resources into the Country occurred.
Art. 14. Regardless of the currency in which the registration referred to in art. 13 is carried out, the carrying out, under the registration, of financial transfers to the exterior in any currency is permitted.
§ 2 The values referred to in this article may be paid, alternatively, through movement in a current account, in the Country, owned by the external creditor or by the agent responsible for the payments, in the exterior, of the obligations arising from the operation.
Art. 15. The resources entered into the Country regarding advance export receipt with a period prior to the date of shipment of the goods or provision of the service exceeding 360 (three hundred and sixty) days are subject to registration, in accordance with this Regulation.
Art. 19. External financing operations with a payment term exceeding 360 (three hundred and sixty) days are subject to registration, in accordance with this Regulation, through: I - direct financing or refinancing to the importer, by the supplier of the good, tangible or intangible, by the service provider or by another financier;
Art. 19. External financing operations with a payment term exceeding 360 (three hundred and sixty) days are subject to registration, in accordance with this Regulation, through: II - use of external credit lines granted to institutions authorized to operate in exchange headquartered in the Country, for financing importers.
Art. 20. The importation of goods without the obligation of payment to non-residents, intended for the full payment of capital of Brazilian companies, must be registered in the RDE-ROF module, and the person responsible for the registration must subsequently provide for the registration of direct foreign investment in the RDE-IED module, in accordance with Annex Regulation I.
Art. 23. The external financial leasing contract may have as its object capital goods, movable goods and real estate, owned by foreigners, new or used, observing, for their entry into the Country, the norms that govern importation.
Art. 1 The following contracts are subject to electronic declaratory registration at the Central Bank of Brazil, in accordance with this Regulation, when carried out between an individual or legal entity resident, domiciled or with headquarters in the Country and an individual or legal entity resid… III - external operational leasing with a term exceeding 360 (three hundred and sixty) days;
Art. 1 The following contracts are subject to electronic declaratory registration at the Central Bank of Brazil, in accordance with this Regulation, when carried out between an individual or legal entity resident, domiciled or with headquarters in the Country and an individual or legal entity resid… IV - rent, including external simple leasing, and chartering, with a term exceeding 360 (three hun…
The registration of the contracts referred to in this article is the responsibility of the individual or legal entity resident, domiciled or with headquarters in the Country that enters into the mentioned contracts.
Art. 2 The registration referred to in this Regulation must be carried out in the Electronic Declaratory Registration system, Financial Operation Registration module (RDE-ROF), of Sisbacen.
Art. 3 The registration of contracts for the use or cession of patents, of industrial or commercial trademarks, of supply of technology and of other contracts of the same kind, as well as contracts for the provision of technical assistance and franchise services, must only be carried out after the annotation of the contract at the National Institute of Industrial Property (INPI).
Art. 4 For the purposes of this Regulation, external operational leasing must observe the following rules: I - the counterpayments must contemplate the cost of leasing the good and the services inherent to its placement at the disposal of the lessee, with the present value of payments not exceeding 90% (ninety percent) of the cost of the good;
Art. 4 For the purposes of this Regulation, external operational leasing must observe the following rules: II - the contractual term must be lower than 75% (seventy-five percent) of the useful life of the good;
Art. 4 For the purposes of this Regulation, external operational leasing must observe the following rules: III - the price for the exercise of the purchase option must correspond to the market value of the leased good; and
Art. 4 For the purposes of this Regulation, external operational leasing must observe the following rules: IV - the contract cannot contain a provision for the payment of a guaranteed residual value.
Financial institutions are authorized to accept, in their credit operations, the guarantees referred to in this article.
Art. 2. The registration referred to in this Regulation must be carried out, upon signing the guarantee provision contract, in the Electronic Declaratory Registration system, Financial Operation Registration module (RDE-ROF), of Sisbacen.
In the case provided for in the caput, the registration must be carried out in the currency in which the effective entry of resources occurred.
Art. 7. Regardless of the currency referred to in the sole paragraph of Art. 6, the transfer abroad, supported by the registration, of the value in foreign currency corresponding to the amount, in national currency, of the credit and the legal and conventional additions in which the guarantor who fulfills the guarantee is subrogated, is permitted.
Art. 2. The registration referred to in this Regulation must be carried out in the following modules of the Electronic Declaratory Registration system, of Sisbacen: II - Financial Operations Registration (RDE-ROF), for the other capitals.
Art. 2. The registration referred to in this Regulation must be carried out in the following modules of the Electronic Declaratory Registration system, of Sisbacen: § 1. Capitalizations of profits and dividends, of interest on equity, and of profit reserves arising from the portion of capital registered in accordance with item I of the caput are also subject to registration, in accordance with th…
Art. 2. The registration referred to in this Regulation must be carried out in the following modules of the Electronic Declaratory Registration system, of Sisbacen: § 2. The registration referred to in this Regulation must be preceded by authorization from the Central Bank of Brazil, in the case of investment in the share capital of financial institutions and other institutions authorized by it t…
Art. 3. Only foreign capital in national currency whose value appears in the accounting records of the Brazilian company receiving the foreign capital, in accordance with current legislation, must be registered, in accordance with this Regulation.
The ownership of the foreign capital must be proven by document.
Art. 4. The registration of foreign capital, in accordance with this Regulation, must occur, regardless of the date of its full payment, by the last business day of the calendar year following the annual balance sheet in which the legal entity is obliged to register the capital, observing, with regard to the capital existing on December 31, 2005, the provisions of § 2 of Art. 5 of Law No. 11,371,…
Registration is prohibited, in accordance with this Regulation, of foreign capitals subject to other modalities of registration, to which specific regulation applies, including regarding the deadline for registration and the application of penalties.
Art. 5. Those responsible for the registration, for the purposes of this Regulation, are: II - in other cases, the borrower of resources abroad.

“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.

BCB Resolution No. 278 Regulates Law No. 14,286 of December 29, 2021 Regarding Foreign Capital in the Country, External Credit Operations, and Foreign Direct Investment

BCB Resolution No. 278